SpiceJet on Wednesday told its pilots that they will not be paid salaries for April and May, and said those who have been operating cargo flights will get paid for “block hours flown”. SpiceJet’s flight operations chief Gurcharan Arora told pilots through an email that “as of today, 16 per cent of our aircraft and […]
Category: The Financial Express
The Financial Express
SpiceJet’s pilots to go sans April, May salaries
India’s second largest carrier SpiceJet will not be paying its pilots salaries for April and May, SpiceJet’s chief of flight operations Gurcharan Arora has told employees. Pilots who have been operating cargo flights, however, will be paid for the number of hours flown. The move comes after passenger flights have been suspended for a month […]
Air India disinvestment still waiting to take off, delayed by coronavirus this time
The government has extended the deadline to bid for Air India by two months till June 30, as the COVID-19 fallout has disrupted economic activity globally. This is the second extension in the deadline to submit bids by investors for Air India since it initiated the process of stake sale in the debt-ridden national carrier […]
Power ministry asks plants to reduce coal imports
The Union power ministry has asked thermal power plants to reduce coal imports and use the fuel more from domestic suppliers as coal stocks are piling up at pitheads and power plants are already loaded with the fuel amid low electricity demand. In a letter to power producers written on Tuesday, the government has asked […]
Coal ministry’s 710 million tonne production target makes CIL stakeholders jittery
Coal India’s (CIL’s) target of producing 710 million tonne (MT) in FY21 seems unrealistic by a section of the stakeholders in view of the low demand under which the mining behemoth is reeling at the current point in time. CIL ended FY 20 producing 602 MT — 58 MT short of the target — and […]
Reliance Industries rights issue soon, as Mukesh Ambani moves closer to zero debt target
Reliance Industries Ltd, on a quest to become a net-zero-debt company, has said that it will consider a rights issue of equity shares in its board meeting on 30 April 2020. Mukesh Ambani’s RIL is India’s most valuable listed firm, with a market capitalization of Rs 9.25 lakh crore. It is also one of the […]
OMCs’ gross profit on retail fuel sales to rise 60% to Rs 20,000 crore in Q1FY21 on static rates
With retail prices of petrol and diesel remaining unchanged since March 16 despite falling crude prices, auto fuel margins of state-run oil marketing companies (OMC) nearly tripled to Rs 14.72 per litre in the same period, analysts noted. Even though fuel-sale volumes remained as low as the current levels (down 60% year-on-year) throughout the quarter, […]
Shapoorji Pallonji Infra to sell 317-MW solar assets to KKR for Rs 1,554 cr
Shapoorji Pallonji Infrastructure Capital (SP Infra) will be selling five operational solar energy assets to global investment firm KKR for a total consideration of `1,554 crore, company said on Monday. The portfolio to be sold comprises 169 MW in Maharashtra and 148 MW in Tamil Nadu. Mukundan Srinivasan, managing director of SP Infra, said, “This […]
Crude crash: Oil reserves get a leg-up since March, yet import bill shrinks in FY20
India has ramped up its strategic oil reserves since mid-March in view of the slump in crude prices and hopes to fill it to the brim by May end, yet, the country’s oil import bill in FY20 could be just a little over $100 billion, much lower than $111.9 billion reported in FY19. Against the […]
Providing uninterrupted power supply amid lockdown: NTPC
State-owned power giant NTPC on Saturday said it is providing uninterrupted electric supply despite the current lockdown. NTPC has 70 power stations – 24 Coal, 7 combined cycle gas/liquid fuel, 1 hydro, 13 renewables along with 25 joint venture power stations, having total installed capacity of 62,110 MW, the company said in a statement. “The […]
Government promotes Air India chief Rajiv Bansal to secretary-level rank
Air India chief Rajiv Bansal has been promoted to the secretary-level rank, according to a Personnel Ministry order issued on Sunday. The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, has approved in-situ upgradation of a total of 10 officers to the level of special secretary in the rank and pay […]
Another feather in BRO’s cap! Kasowal Bridge in Punjab opens ahead of time
Border Road Organisation (BRO)does it again. Ahead of schedule, it completed Kasowal Bridge in Punjab which has connected the approx 35sq Km Kasowal enclave to the mainland. Earlier, every year it was connected with a Pontoon Bridge which was dismantled ahead of monsoons as due to the flow of River Ravi it would get washed […]